BHP Group PLC (LSE:BHP) is dropping out of the FTSE 100 index after investors in Anglo-Australian miner overwhelmingly backed plans to scrap its dual listing in favour of a primary quote in Sidney.
Around 97% of London shareholders voted to approve the plans announced last August, adding to a 96% pass mark from proxy votes earlier in Australia.
UK investors will still be able to exchange their shares for those in the Australian company, and the shares will still be tradable in London, with BP pledging the dividend policy will remain the same too.
Management said last year that "unification would further simplify the BHP corporate structure and shareholder registers, reduce duplication and streamline our governance and internal processes".
READ: BHP signals its acquisitive intent - but which companies will be on its wishlist?
Unification, which is due to take place by 31 January, is also meant to help it complete big deals, with some sizeable ones currently the topic of plenty of speculation.
But it will "regrettably", said analysts at Berenberg, "mean that BHP becomes standard listed, and will become less relevant to a portion of London-based investors, which is a shame given its compelling financial metrics".
When the mining giant leaves the FTSE 100 it is likely to be replaced by the next biggest company in the FTSE 250, which currently would be among the likes of Airtel Africa PLC (LSE:AAF), Howden Joinery Group (LSE:HWDN), easyJet plc (LSE:EZJ) or Wizz Air Holdings PLC (AIM:WIZZ).